(Bloomberg) -- Blackstone Inc. and two rivals seeking to take over Mexican industrial property real estate investment trust TF Administradora Industrial increased their bids after Mexico’s surprise election results drove down the peso.

Blackstone Real Estate, together with Mexican partner MRP Group, increased its cash tender offer by 1 peso per share to 39.50 pesos, while Prologis Property Mexico offered 0.62 of its own shares for each TF share, up from 0.58 before. The bid is worth around 43 pesos per share based on the last 90 days of trading, the company said. 

Shares in Terrafina, as the REIT is known, rose as much as 5.5% on Tuesday before paring gains to around 3%.

The higher bids, announced in filings on Tuesday, follow a move by Fibra Macquarie Mexico on Monday, which increased the exchange factor on its all-share offer to 1.125 from 1.05. 

At least six bidders have been circling Terrafina in a flurry of offers for a Mexican company amid a boom in industrial real estate, as more companies seek space to export to the US. Hype around the “nearshoring” trend has sparked an equity issuance revival in Mexico’s stock market. 

The increased bids follow the unexpected landslide win of the ruling party in Mexico’s congressional election, which drove the peso down around 8% and hammered local stocks, giving Blackstone room to increase its offer in pesos. Fibra Prologis shares have lost more than 8% since the vote, while the stock of Fibra Macquarie is down 3%. 

Itau BBA analyst Alejandro Fuchs said in a note that the increased bids were expected after stocks were hit by the election. “In the end, the price for Terra improved somewhat,” Fuchs wrote, adding he thinks Fibra Prologis has the best chance of winning shareholder support. 

Last Friday, Terrafina said that a merger offer from Fibra Uno Administracion, which proposed combining its industrial assets with Terrafina, didn’t win enough support from shareholders at a meeting.

Fibra Prologis extended its offer period until July 2, while Blackstone’s offer now runs through July 17.

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